Moody’s lifts AO Raiffeisenbank

Moody's Investors Service said it upgraded AO Raiffeisenbank's long-term local-currency deposit ratings and local-currency senior unsecured debt ratings to Ba1 from Ba2.

The long-term foreign currency deposit rating was affirmed at Ba2, Russia's foreign currency long-term bank deposit country ceiling level.

The outlook on the long-term local-currency deposit and senior unsecured debt ratings is stable, while the outlook on the long-term foreign-currency deposit rating was changed to stable from negative.

Concurrently, the agency upgraded the bank's baseline credit assessment (BCA) and adjusted BCA to ba1 from ba2, the long-term counterparty risk assessment to Baa3(cr) from Ba1(cr) and the short-term counterparty risk assessment to Prime-3(cr) from Not Prime(cr).

Moody's affirmed the local- and foreign-currency short-term deposit ratings at Not Prime.

Moody’s said the action primarily reflects AO Raiffeisenbank's resilient business model and credit metrics through the credit cycle when compared to its peers in Russia and elsewhere. The agency expects the bank will report strong profitability in the next 12 to 18 months along with robust capital and liquidity cushions.

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